Algorand to Support an “Innovative Digital Guarantees Platform” in Italy

The Algorand-supported bank and insurance guarantee platform is expected to launch in early 2023

Algorand

Algorand to Support an “Innovative Digital Guarantees Platform” in Italy. Source: shutterstock.com

According to Algorand’s Dec. 13 announcement, it has been chosen as the public blockchain to support an “innovative digital guarantees platform” operating in Italy’s banking and insurance segments.

The platform expected to launch in early 2023 is developed by the Research Center on Technologies, Innovation and Finance of the Catholic University of Milan (CETIF). It is a part of Italy’s National Recovery and Resilience Plan, aimed to boost Italy’s economic recovery following the COVID-19 crisis.

It is expected that a significant percentage of bank and insurance guarantees will leverage digital ledger technologies (DLT). Algorand was chosen for its “unparalleled level of innovation,” fast, efficient, low-cost and scalable data transactions, as well as its ability to provide protection against fraud.

"We are proud and honored to be the public blockchain chosen by the Digital Sureties platform of Italy. Through Algorand's technology, we can help solve for many critical issues facing financial institutions and governments across the world today, bringing opportunity and inclusion to communities in need everywhere."
Silvio Micali, Founder of Algorand Inc.

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